Ryan Wright has traded since 2007, built and led a principal trading firm, and wrote The Art and Business of Professional Trading. His view will annoy anyone selling a system... nobody can hand you a fixed set of rules that prints money forever. Two traders can take the exact same setup, and one makes money while the other loses. What separates them is the policy, the decisions each one makes around it.
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Why the same setup makes one trader money and costs another, and the set of decisions, the policy, that decides which of the two you are.
The mailman problem, his story about a barking dog that explains why strategies stop working, and how his own futures edge from 2017 to 2019 turned out to come from somewhere else entirely.
Chance against uncertainty, and why the law of large numbers protects a casino but does not protect a trader.
The three states to check before every session, the market, your account and your own head, and how each one changes the right decision.
A simple test for whether your problem really is psychology, plus the upstream fixes that come first in most cases.
Ryan Wright built and led a principal trading firm and wrote The Art and Business of Professional Trading. The Policy Edge is his thinking in usable form. Read it first, then watch the episode with it open.
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